Dynamic Exhibit | Perp Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales for Item ER27 are as follows: 40units at $5 30 units Nov. 1 5 11 21 Inventory Sale Purchase70 units at $7 Sale 36 units Assuming a perpetual inventory system and using the first-in, first-out (FIFO) method, determine (a) the cost of merchandise sold on November 21 and (b) the inventory on November 30. Move the slider to change the values. 10 36 50 Number of units sold on November 21 Click on to view the information. The inventory ledger below shows the recording of each of the preceding transactions in a perpetual inventory system using FIFO. As shown below, the cost of merchandise sold on November 21 is $232 ($50+ $182) and the ending inventory on November 30 is $308. Quantity Unit Cost Total CostQuantity Unit Cost Total Cost Quantity Unit Cost Total Cost Date Nov. 1 Nov. 5 200 O 30 150 ( 50 70